Maybe. Who knows what the previous owner did. I always double-check adjustments when receiving used guns.

Following kermit's advice, turn the rear velocity screw out so it's flush with the backcap. Then turn it back in 2½ turns (using an allen wrench, make a complete circle twice, then a half circle). Now shoot over a chrono, see where it's at. Then adjust the inline reg as necessary to get desired velocity (if it's the stock azodin reg, counterclockwise increases pressure/velocity, clockwise decreases).

I'm picking up a re build o-ring kit for mine from a member here. (I had a reg o-ring fail last game) At little over a dollar it seems like an invaluable piece of equipment, pm me if you want one. Super simple gun, can be a bit loud but I've only shot it with the stock barrel. No complaints quality wise, nice little pump that can keep up with the big boys. I've got a black magic reg to throw on mine but that's really not necessary. Other than that, lube it sparingly and cycle it a whole lot. Between about 5000 pumps and a little grease on the guide rods and where the bolt sled meets the body, my AKP shoots great. Oh, and for what ever reason, mine has never farted unless I dry fired it.

Yeah, you want to screw it out like mentioned before. Mine came like that and shot 410 fps. Screw your IVG in 2.5 turns from flush and slowly turn the reg pressure up until your cronoing perfectly. If you have chrono at your disposal, it is worth just leaving it and testing it out before doing anything; if it ain't broke, don't fix it. I rock mine with a 13/3k because it balances the gun out nicely. Yeah, I break mine down after every game to clean it up. I would recommend not messing with the reg apart from input pressure. It is a little fiddly to get into and you have lots of opportunities to break o-rings. Just make sure the striker is in right side up and your golden. I'll get you your o-rings ASAP

Tried it out. Chromed it up. Shoots very consistent.
Using my 679 palmers with a cocker adapter, since the original owner has done some strange dremeing to the barrel. It was breaking every ball.
That's ok. I'll pick up a .679 insert for my DW if I need something lighter.

Now. Can anyone recommend a good 50 round shake and bake hopper.
The GOG I picked up doesn't feed at all.

Tried it out. Chromed it up. Shoots very consistent.
Using my 679 palmers with a cocker adapter, since the original owner has done some strange dremeing to the barrel. It was breaking every ball.
That's ok. I'll pick up a .679 insert for my DW if I need something lighter.

Now. Can anyone recommend a good 50 round shake and bake hopper.
The GOG I picked up doesn't feed at all.

I'm picking up an App, they are cheaper and sorta lower profile that the Winchester. However, I don't think you can really go wrong. If you pick up a Winchester, i'll be happy to trade for a few games so you can try both.